Solar Panel Cost Guide in Spindale, NC (2024 Update)
- Spindale Solar Installation Cost: $16,815
- 25-Year Savings: $21,076
- Payback Period: 12.6 Years
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Average Cost of Solar Panels in Spindale
Let’s have a look at the average cost of solar in Spindale.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Spindale, the typical cost of a solar system is 4 per watt.The average Spindale homeowner needs a 6.8-kilowatt system, which would cost about $16,815 with the federal tax credit, or $24,045 before the 0 tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Spindale homeowners. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.For most homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $18,000 in savings on energy bills over 20 years.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Spindale
| Year | Return on Investment |
|---|---|
| 1 years | $-15,493 |
| 3 years | $-12,848 |
| 5 years | $-10,204 |
| 7 years | $-7,560 |
| 9 years | $-4,916 |
| 11 years | $-2,271 |
| 13 years | $373 |
| 15 years | $3,017 |
| 17 years | $5,661 |
| 19 years | $8,306 |
| 21 years | $10,950 |
| 23 years | $13,594 |
| 25 years | $16,238 |
Top Solar Installers in Spindale
Although it's possible to install solar panels by yourself, it involves extra effort and knowledge. That's why most people choose to hire a solar panel installer. Plus, if you’re not certain what kind of solar panels and equipment you want, a solar installer can help you figure that out after a site survey and consultation.
If you’d like to go solar but still aren’t sure which solar company to go with, here are our suggestions for providers nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Spindale
Factors that Affect Solar Panel Costs in Spindale
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few key factors that will push your cost above or below the average in Spindale: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,510.The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That’s why many Spindale homeowners decide to finance their solar panel systems to offset upfront costs.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
The final major cost factor you should keep in mind is the installer you choose. Given the massive popularity of green energy solutions in Spindale, you’ll have many options to choose from, but each comes at varying price points for labor and equipment.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and find a company that has the products, warranties and services you want and also fits within your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.65 | $15,332 | $13,814 | 13.2 years |
| 8 kW | $3.58 | $20,049 | $18,812 | 12.9 years |
| 10 kW | $3.51 | $24,570 | $24,006 | 12.6 years |
| 12 kW | $3.44 | $28,894 | $29,397 | 12.4 years |
| 14 kW | $3.37 | $33,022 | $34,985 | 12.1 years |
| 16 kW | $3.30 | $36,953 | $40,769 | 11.9 years |
| 18 kW | $3.23 | $40,688 | $46,749 | 11.6 years |
| 20 kW | $3.16 | $44,226 | $52,927 | 11.4 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Contract: Though reading through a contract can be tedious, it’s important to do it thoroughly so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Spindale, NC Solar Cost FAQs
What is the average cost of installing solar panels in Spindale?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $17,550 for a 5-kW system and $35,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Spindale?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is it worth going solar in Spindale?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and how much direct sunlight your roof gets.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.